$905.1m
$XX.Xbn
4,086
1,238
$XXX.Xm
The Online Apartment Rental Services industry experienced a transformative period during COVID-19, with system-enhancing innovations fostering growth throughout the industry. As platform competition heightens, there is a collective drive toward using the most cutting-edge technologies to engage renters and landlords. Key focus areas are comprehensive and efficient search functions, credible listings, streamlined communication, virtual tours, and comprehensive tenant services.But new service offerings needed to be balanced with competitive pricing, presenting a challenge, particularly with groundbreakers, such as Zillow, defining the market. Niche market specialists could hold an advantage with some influence over pricing structures. As an increasingly digital world took hold, landlords identified the inherent benefits of services that enhanced the rental process. Overall, industry-wide revenue has grown at a healthy CAGR of 12.7% to $882.8 million over the five years to 2023, including an estimated 3.0% increase in 2023 alone, when profit is expected to slump to 13.9%.Emerging technology has the duality of promoting the growth of substitute rental platforms while also potentially diminishing some industry revenue. Smaller landlords, for instance, may use social media sites to reach a younger demographic or university community boards to cater to student markets. Conversely, this technological diversification allows landlords to allocate different functionalities to different sites, customizing their service offerings. As landlords fine-tune these services, the pressing need for enhanced broadband connectivity and business digitization will continue to drive industry performance. The number of rental establishments is expected to climb as automation's buoyancy and financial viability grow.Insights from Zillow's 2022 Consumer Housing Trends Report indicate shifts in renter behaviors. Renters, who are predominantly younger individuals, prefer online business transactions, lean toward fewer sites, favor remote tours and submit a higher volume of applications. These trends underscore an escalating demand for online apartment rental services. As a result, industry revenue is forecast to grow at a CAGR of 1.7% to $962.5 million over the five years to 2028.
Industry revenue has grown at a CAGR of 8.9 % over the past five years, to reach an estimated $905.1m in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Costar Group, Inc. | 537.4 | 24.4 | 4.5 | |
Zillow Group, Inc. | 151.5 | -11.4 | -7.5 | |
Rentpath, Llc | 127.5 | 24.8 | 19.5 |
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Industry revenue is measured across several distinct product and services lines, including Websites, Mobile sites and Mobile apps. Websites is the largest segment of the Online Apartment Rental Services in the US.
Mobile-friendly listing sites take the lead
This industry provides internet listing and search functions for residential rental properties. In addition to connecting potential renters with apartment owners and managers, these websites often provide targeted advertising services.
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NAICS 51913 - Online Apartment Rental Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The digital shift in the online apartment rental market soars. COVID-19 lockdowns fueled a surge in online apartment rentals, with continued growth expected as companies inno...
Learn about an industry's products and services, markets and trends in international trade.
Mobile platforms drive online apartment rental growth. The rise of user-friendly mobile platforms has redefined the industry, surpassing traditional desktop services.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Southeast and the West lead in rental services. Despite having smaller populations, these regions provide half of the nation's rental services.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
User experience dominates online apartment searches. Renters prefer platforms that offer the best user experience and innovative features and thus have reduced the number of ...
Learn about the performance of the top companies in the industry.
Zillow Group is a leader in online services and online apartment rental services. Zillow has consumer platforms (Trulia, Streeteasy, Hotpads) and financing, closing, escrow, ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Regulations will become increasingly crucial as data-driven services expand. Data privacy and liability laws will play an increasing role as online apartment rental services ...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Innovative services demand high spending. The drive for competitive and state-of-the-art services commands hefty expenses as companies vie to retain market share, attract mor...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Online Apartment Rental Services in the US industry in United States is $905.1m in 2024.
There are 1,238 businesses in the Online Apartment Rental Services in the US industry in United States, which has grown at a CAGR of 4.2 % between 2019 and 2024.
The market size of the Online Apartment Rental Services in the US industry in United States has been growing at a CAGR of 8.9 % between 2019 and 2024.
Over the next five years, the Online Apartment Rental Services in the US industry in United States is expected to grow.
The biggest companies operating in the Online Apartment Rental Services market in United States are Costar Group, Inc., Zillow Group, Inc. and Rentpath, Llc
Websites and Mobile sites are part of the Online Apartment Rental Services in the US industry.
The company holding the most market share in United States is Costar Group, Inc..
The level of competition is high and increasing in the Online Apartment Rental Services in the US industry in United States.